CIT’s power and energy business served as a co-lead arranger on $93.3 million in financing for a portfolio of six battery energy storage systems (BESS) owned by Key Capture Energy in Texas.
Key Capture Energy, a portfolio company of Vision Ridge Partners, is a developer, owner and operator of BESS projects in the United States, with an overall development pipeline of more than 2.5 gigawatts in New York, Texas and New England.
Together, the six BESS projects represent a total of 230 megawatts of energy storage capacity. Three of the six projects are currently operational and completion of the remainder is expected by the end of 2021.
“Our latest BESS projects represent a significant addition to the utility-scale battery storage capacity in Texas,” Ann Anthony, CFO and secretary of Key Capture Energy, said. “We appreciated CIT’s expertise and agility in understanding our projects and helping arrange this innovative financing package.”
“Battery storage is an increasingly important contributor to the growth of clean energy across the U.S.,” Mike Lorusso, managing director and group head of CIT’s power and energy business, said. “We are pleased to work closely with Key Capture Energy to help meet their financing objectives.”